Tunnelling is an alternative to bridging practices which enable interoperability of two different blockchains – Bitcoin and Ethereum.
Hemi Network, a blockchain protocol founded by Jeff Garzik, an early core Bitcoin developer, and blockchain security pioneer Max Sanchez, strives to combine the Bitcoin and Ethereum blockchains through tunnels, which create a unique environment that removes attack vectors associated with traditional bridges.
The new blockchain currently functions through incentivised testnet, which has recently gone live, while its mainnet launch is targeted for Q4 2024. The team has also already published Hemi documentation, designed to guide builders and enthusiasts in understanding and utilising the Hemi Virtual Machine (hVM) mechanism.
Instead of creating cross-chain bridges between the two networks, Hemi Network sees Bitcoin and Ethereum as two parts of one potential supernetwork connected through “tunnels”. Hemi Network is a modular Layer-2 protocol for scaling, security, and interoperability of these two blockchains.
Hemi Network operates through the Hemi Virtual Machine (hVM), which incorporates a full Bitcoin node within an Ethereum Virtual Machine (EVM). It uses a novel Proof-of-Proof (PoP) consensus mechanism that enables blockchains to inherit proof-of-work security from other established blockchains.
The project’s team also claims that external networks will be able to create their own chains secured by Hemi’s tunnelling technology, facilitating Bitcoin-Security-as-a-Service.
The startup has just closed its $15M strategic seed round, led by Binance Labs, Breyer Capital, and Big Brain Holdings.
“Hemi is transforming how Bitcoin and Ethereum interact, and not merely providing a bridge between the two largest networks in the blockchain ecosystem, but a supernetwork that most elegantly marries the capabilities of both.”
Sam Kim, General Partner, Big Brain Holdings
